By Adriano Marchese

Cenovus Energy Inc. said it will acquire BP PLC's 50% interest in the bp-Husky Toledo refinery in Ohio for $300 million, bringing the refinery under its full ownership.

The Canadian energy company said the full ownership of the refinery will provide it with an additional 80,000 barrels of oil per day of downstream throughput capacity, more than half of which will be of heavy oil refining capacity.

The acquisition brings Cenovus' total refining capacity to around 740,000 barrels a day.

Additionally, Cenovus said it expects to realize savings over the next few years as it optimizes its feedstock and refined product sales as well as through longer-term potential to connect the refinery with its existing U.S. refining network.

Cenovus has owned its 50% stake in the refinery since its combination with Husky Energy in 2021.

The transaction is expected to close before the end of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 08, 2022 08:31 ET (12:31 GMT)

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